TPG is evaluating strategic options for Asia OneHealthcare, including a potential sale or initial public offering that could value the company at up to 30bn ringgit, or approximately $7.6bn, says Bloomberg.

The Kuala Lumpur-based healthcare group has grown significantly since TPG partnered with Hong Leong Group to acquire hospital assets in 2019 in a transaction valued at around $1.2bn.

Asia OneHealthcare has expanded through acquisitions and organic growth, including the purchase of hospital operations from Ramsay Health Care and Sime Darby for 5.7bn ringgit in 2023.

Other shareholders include the Abu Dhabi Investment Authority and Malaysia’s Employees Provident Fund.

TPG is said to be working with advisers while monitoring a separate healthcare IPO in Malaysia as it evaluates exit options. Discussions remain preliminary and the firm could also choose to retain its stake.

The potential transaction highlights continued private equity interest in Southeast Asia’s healthcare sector, where rising incomes and expanding middle classes are driving long-term demand for medical services.

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